IP Insurance in detail

IP Insurance in detail

Intellectual Property (IP) often forms the bedrock of the modern technology business, the critical component upon which the organisation depends for its funding and revenue streams – and which in turn influences all key strategic decisions.

So in the same way that you wouldn't hesitate to insure your physical assets, it also makes good commercial sense to insure the risks to your intangible assets.

What if...

  • You become aware that your patent rights are being infringed by a third party
  • You face a challenge to the validity of your IP or to your title to IP rights
  • You face an allegation of IP infringement brought by a third party

Whether it’s pursuing an infringer of your IP, or defending an allegation brought against you, the legal costs involved can be ruinous and most commercial insurance policies don’t provide the specialised protection you need.

Technology innovators are exposed to a raft of Intellectual Property risks that are constantly evolving.

How might your operations be exposed?

  • Contractual IP indemnifications and hold harmless agreements may leave you on the hook for costs & expenses incurred by your customers, users, distributors or collaboration partners.
  • You may suffer diminished value in your IP portfolio (or a big hole in your licensing revenue) if a successful infringement action is brought against you, or if your ownership or title to IP is impugned.
  • You may have hefty reengineering costs if you’re required to rework your product to ensure it’s non-infringing - these costs may arise under indemnification obligations.
  • You may have to pay damages to a third party who brings a successful infringement action against you. This could even involve action by an employee who claims title to your IP.
  • If you’re exposed in North America the legal expenses and settlements applied will often be much higher than in Europe.

Risks can also arise when commercial transactions occur, such as with a merger, or when you decide to exit and sell your business, or dispose of your IP portfolio. You’ll be required to provide representations and warranties relating to your IP rights. What if they’re called into question after the transaction? How can insurance help you to ring-fence these liabilities?

Perhaps you’re raising finance to acquire an IP-rich business or IP portfolio. A challenge to the validity of the IP rights post-acquisition won’t impress your investors. Intelligently arranged insurance solutions can play a significant role in helping to secure investment in intangible asset portfolios.

Take a look at our case studies to see how we’ve helped our customers protect their IP rights.

Got a question? We're experts in insuring IP in the science and technology sector. Click here for a free, no-obligation quote.

Intellectual Property Lightbulb

“Thank you so much for giving so generously of your time to contribute at the Ignite Programme - it would not be the success that it is if it were not for the commitment and dedication of contributors such as yourself.”

Frances B, Programme Manager, Centre for Entrepreneurial Learning (CfEL)

 

Ready to work with us?

You can call us to talk more about your business on +44 (0)1223 200650 or +44 (0)20 3865 0149

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About La Playa Science & Technology

Specialist & Independent

Specialist & Independent

La Playa's specialist Science & Tech team can help you protect your business with smart, flexible, high-performance insurance - with a friendly human UI. We understand the risks and pressures you face - and we speak your language.  We’ll support you with great advice - helping you make good decisions for your business. 

In-house IFA

We also offer Business Protection (including Key Person Insurance) and Employee Benefits: a joined up approach with a team of advisers working for your best financial interests - all under one roof

Advice You Can Trust

…from an expert who understands you

Tech-based business is 24/7, global and borderless, exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.

  • Specialist insurance for science and technology
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture

Seamless insurance across UK and US

What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:

  1. dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
  5. An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
  6. Careful monitoring of the insurers’ financial strength, claims and customer service
  7. An independent recommendation of the best policy for you - and, importantly, why
  8. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analysed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies 
  9. An intelligently designed portfolio of protection across multiple asset classes and territories
  10. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
  11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
  13. Policy documents emailed to you - no logins and passwords to remember
  14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running; driving through to a swift and fair financial settlement

Oh, and...

  • No call centres
  • No ‘hold’ music
  • No hidden fees

*subject to availability with our insurer panel

Photo from Science & Technology
Photo of Hanna Beaumont FIRM

Hanna Beaumont FIRM

DIRECTOR, CORPORATE

Direct Dial: +44 (0) 1223 200664

Mobile: +44 (0) 7795 473071

Email: hanna.beaumont@laplayainsurance.com

Twitter: @HannaBLaPlaya